Big idea conference yields wide variety of firms

Ron Zayas of Mission Viejo, center, and other entrepreneurs listen closely to their competition pitch ideas during the Fast Pitch Competition. Each person has 90 seconds to sell their idea to a panel of angel investors. In addition, the audience votes by phone. TriTech's 4th Annual Funding Forum "Funding The Big Idea" Where Capital & Innovation Connect was held at Riverside Municipal Auditorium on Thursday. CINDY YAMANAKA, ORANGE COUNTY REGISTER

Funding the Big Idea Conference

Host: TriTech Small Business Development Center, business counseling program that specializes in high-tech, fast-growth companies; founded in Orange County, now at Riverside Community College District.

Richard Loewe makes a device that automatically regulates tire pressure. Gareth Pronovost has an appliance to chill beer as it pours. Franck Boistel is making sandals based on original Aztec designs. Nicholas Hu has a wireless brain pressure monitor.

They are just four of the approximately 200 entrepreneurs who answered a call seeking the best business idea in Southern California. TriTech Small Business Development Center, which specializes in helping high-tech, rapid-growth companies, sought them out for its fourth annual "Funding the Big Idea" Conference Thursday in Riverside.

The innovators and inventors came in search of funding, exposure, advice and practice at pitching their fledgling firms to investors and potential partners.

"It's about gaining visibility," said TriTech Director Mark Mitchell. "Our purpose is to build and serve the entrepreneurial ecosystem of Southern California."

Such an entrepreneurial environment is important to the economy, said Rachel Baranick, deputy director of the Santa Ana office of the U.S. Small Business Administration. "Small businesses create two-thirds of the new jobs," she said.

The event sought fun and profitable ways to achieve the goals. Ten entrepreneurs were selected to "fast pitch" their concepts in 90 seconds to the conference and three TriTech counselors who asked questions and provided advice. About 90 entrepreneurs pitched ideas one-on-one to angel investors in a form of "speed dating." Each entrepreneur met with five investors, an opportunity that money can't buy.

Then the top four scorers in speed dating got another opportunity to pitch five members of the Tech Coast Angels, a network of professional angel investors, and the entire conference in "Piranha Pool," a takeoff of the ABC-TV show "Shark Tank."

"If you're looking for funding for your business or you're an aspiring entrepreneur learning how to do that, this is the place for you," said master of ceremonies Greg Lee, economic development manager for Riverside.

Ted Patience, founder of ThermaQuatic Inc. in Laguna Niguel, had a unique perspective on the day's events. He was the only entrepreneur to participate in all three pitches.

"Fast pitch was my least favorite; getting up in front of an audience isn't my forte," he said after completing his speed dating session. At that moment he didn't know he would be selected for the Piranha Pool. "I'm very comfortable talking one-on-one with investors, but they always want to know the numbers. I'm getting better at that."

Patience's company has developed a heating and cooling therapy system for recovery after surgery, sports injuries and patients with chronic ailments such as multiple sclerosis. He got the idea because his mother has multiple sclerosis.

He has been developing the product, now in its fourth design, for more than three years and hopes to be on the market within six months. He is seeking $250,000 investment to get through the tooling stage and U.S. Food and Drug Administration approvals.

Loewe, with the tire pressure product, stood alone at a tall table practicing for his speed dating session. The Tustin resident said he has been developing the Wheel Pump since he retired as chief scientist from Hughes Corp. 22 years ago.

"It started when a friend said to me, 'Why hasn't anyone come up with an automatic means to maintain tire pressure?'" Loewe explained while fingering a dime-sized magnet that is part of his product. "I've spent three-quarters of a million dollars on this. I sold my house, went through most of my investments. But this will save thousands of lives!"

He has attended many venture capital conferences and tirelessly dogged car manufacturers. He recently modified his product to satisfy a German car manufacturer. "What attracted me to this conference is they're looking for a big idea and I have a big idea," he said. "This is going to be on every new car within five to 10 years."

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